The market opened lower today and within the first half an hour it was down 300+ points. The markets are having a rough time while they wait for Congress to take a vote on the revised bill. Unfortunately Congress rather hear their own voice and use the time to look good on TV for the American people. If I hear one more time that they are voting on this bill for the American people and not Wall Street, I think I’m going to poke my own eardrums.
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Who do they think is on Wall Street? The Russians? They need to remember how many people have their retirement accounts and IRA’s in the stock markets. How many American people have over-extended themselves with credit because the government was not doing their job and regulating the industry. It’s a real shame that at 12:00 (about one and a half hours ago) Nancy Pelosi took the floor to speak to the house and spoke for about five minutes and since then it’s been one politician after another just talking about things that each of them know already.
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While this goes on Wall Street is holding steady at the 10,875. level. No matter what happens in Washington, the markets will suffer for some time.
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At this time the vote has started and it’s not going too well. With six minutes left to vote it stands (1:34pm)122 YEA, 111 NAY. Wall Street is started to react by dropping another 50+ points,
1:39pm – 155 YEA, 144 NAY, markets up 50 points
1:45pm the voting is over and so is the bill. The stock market has dropped another 400 points and sits at 10,474. The bonds rate have fallen through the cracks in the floor. I hope that you guys were not in the markets after Friday afternoon.
Tags: Government spending, Stock Market, Stock market news
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